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I do see developers work on games longer than they probably should, beyond the peak of sales and that "new game" bonus interest. Vampire survivors & peglin being some examples from my games list of the top of my head.
A game like roguebook I saw a clear break in the timeline where they decided to stop putting work into it when they realized it's not going to explode in interest like they had hoped.
It's probably a gamble to update a game at all past release day besides bug fixes...unless it has a monetization method in the game to bring sales beyond initial release.
I'm glad people still do the "buy to own" model of game sales because it is my favorite model as a consumer, even though microtransactions seem to be what makes huge amounts of money for large developers these days.